Notes to the Group annual financial statements

for the period ended 3 March 2013
    Group
    2013   2012  
    Rm   Rm  
13.   Deferred tax assets      
  The movement in deferred tax assets are as follows:      
  At beginning of period   116.5   85.8  
  Recognised in the statement of comprehensive income (note 5.1)  58.5   11.9  
  Participation in export partnerships   6.7   6.9  
  Property, equipment and vehicles and intangible assets   (12.4)  (7.1) 
  Net operating lease liability   19.6   13.7  
  Retirement benefits   (2.5)  (2.2) 
  Prepayments   (0.2)  (0.2) 
  Allowance for impairment losses   13.6   (4.6) 
  Income and expense accruals   33.7   5.4  
  Recognised in other comprehensive income      
  Tax effect of foreign currency translations   —   39.7  
  Tax effect of actuarial gains   (0.6)  (2.9) 
  Tax effect of forward exchange contract unrealised loss   —   (18.0) 
  At end of period   174.4   116.5  
  Comprising:      
  Participation in export partnerships   (35.3)  (42.0) 
  Property, equipment and vehicles and intangible assets   (140.6)  (128.2) 
  Net operating lease liability   206.2   186.6  
  Retirement benefits and actuarial (gains)/losses   (0.6)  2.5  
  Prepayments   (4.9)  (4.7) 
  Allowance for impairment losses   47.5   33.9  
  Income and expense accruals   102.1   68.4  
  Total deferred tax assets   174.4   116.5  
  The Group has approximately R132.6 million (2012: R188.9 million) of estimated tax losses available for set-off against future taxable income, for which no deferred tax assets have been raised.